Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,170/mo
Lowest payment- Down payment
- $79,073
- Funds due
- $91,294
- Interest + MI left
- $477,908
- First ends
- Jun 2053
Assumption
Assumption + second
$3,419/mo
+$249/mo- Down payment
- $48,073
- Funds due
- $61,590
- Interest + MI left
- $536,704
- First ends
- Jun 2053
New loan
New conventional
$3,334/mo
+$164/mo- Down payment
- $48,073
- Funds due
- $58,091
- Interest + MI left
- $624,238
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $395,927 | $395,927 | $426,927 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,623.69 | $2,623.69 | $2,892.15 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $189.46 | $189.46 | $85.39 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $3,169.82 | $3,419.25 | $3,334.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,073
Closing costs & prepaids$13,517
Usable credit−$0
Total buyer cash needed$61,590
Earnest money paid−$0
Remaining funds due$61,590
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Prepaid interest, first (6 days)$425.65
Prepaid interest, second (6 days)$45.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 6 moOf the original 30-year loan at 6.54%
Interest already paid$92,748Through Dec 2026
Assumption only · ends Jun 2053$477,908
Assumption + second · ends Jun 2053, second Jan 2057$536,704
New conventional · ends Jan 2057$624,238